Principles Of Microeconomics Examination

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Principles Of Microeconomics Examination
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1.  Monopolistic competition means:
A.
B.
C.
D.
2. 
Refer to the above data. The value for Y is:
A.
B.
C.
D.
3.  If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will:
A.
B.
C.
D.
4.  Suppose a pure monopolist is charging a price of $12 and the associated marginal revenue is $9. We thus know that:
A.
B.
C.
D.
5. 
The above diagram indicates that the marginal revenue of the sixth unit of output is:
A.
B.
C.
D.
6.  The MR = MC rule:
A.
B.
C.
D.
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